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Taking Social Security At 62 Will Cost You
Keith Speights notes most people begin Social Security benefits at age 62 or shortly thereafter. But there is a fairly steep price to be paid for this decision. But the question is, how costly is it? Assuming a full retirement age of 67 (which is the case for those born in 1960 or after) benefits will be reduced by 30% for electing to start at exactly age 62. With an average monthly benefit for retired workers of $1,840, a 30% reduction amounts to $552/mo, or $6,624 per year. The maximum Social Security benefit in 2023 for anyone receiving benefits at full retirement age is $3,627. A 30% reduction to this benefit is around $1,088/mo, or $13,057 per year. The other consideration is claiming early means fewer years in the workforce, as 35 years of work history determine the benefit level. Full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.